EX-12 8 0008.txt COMPUTATION OF RATIOS OF EARNINGS Exhibit 12 TAUBMAN CENTERS, INC. Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends and Distributions (in thousands, except ratios)
Six Months Ended June 30 ----------------------------------- 2000 1999 ---- ---- Net Earnings from Continuing Operations $ 31,356 $ 26,788 Add back: Fixed charges 59,273 50,977 Amortization of previously capitalized interest (1) 1,101 1,067 Equity in net income in excess of distributions of less than 50% owned Unconsolidated Joint Ventures (689) Deduct: Capitalized interest (1) (12,209) (7,669) -------------- ------------- Earnings Available for Fixed Charges and Preferred Dividends and Distributions $ 79,521 $ 70,474 ============= ============= Fixed Charges Interest expense $ 26,825 $ 24,688 Capitalized interest 10,127 7,313 Interest portion of rent expense 1,950 2,064 Proportionate share of Unconsolidated Joint Ventures' fixed charges 20,371 16,912 ------------- ------------- Total Fixed Charges $ 59,273 $ 50,977 ------------- ------------- Preferred Dividends and Distributions 12,800 8,300 ------------- ------------- Total Fixed Charges and Preferred Dividends and Distributions $ 72,073 $ 59,277 ============= ============= Ratio of Earnings to Fixed Charges and Preferred Dividends and Distributions 1.1 1.2 (1) Amounts include TRG's pro rata share of capitalized interest and amortization of previously capitalized interest of the Unconsolidated Joint Ventures.